Treasurer Magaziner Announces New CollegeBound Saver Accounts Will Receive $100 to Help Rhode Islanders Save for Higher Education  

Published on Monday, November 14, 2022

Rhode Island General Treasurer Seth Magaziner today announced a $100 incentive for new accounts opened with CollegeBound Saver, Rhode Island’s 529 education savings plan, to encourage Rhode Islanders to save for the rising costs of higher education. The first 500 Rhode Island residents to open a new CollegeBound Saver account beginning Tuesday, November 14, 2022 will automatically receive a $100 contribution to their account to help boost their savings.  

“CollegeBound Saver can help every family in Rhode Island, regardless of their income, to affordably save for higher education expenses,” said General Treasurer Seth Magaziner. “When looking for a gift that will continue to grow as the children in your life grow up, consider opening or gifting a contribution to a CollegeBound Saver account for a child you care about this holiday season.”  

A 529 savings account is a flexible, tax-free way for families to save for education-related expenses. Rhode Island’s CollegeBound Saver 529 program is one of the highest-rated college savings plans in the country, with a 5 out of 5 rating from SavingforCollege.com. It only takes $1 and about 10 minutes to open an account and start saving.  

Benefits of opening a CollegeBound Saver account include:  

  • Money invested in a CollegeBound account grows tax-free and can be used to pay for tuition, fees, supplies, and other expenses for college, apprenticeship programs, or vocational school.   
  • There is no minimum investment required.  
  • Rhode Island taxpayers may receive a tax deduction of up to $1,000 (please consult a tax advisor for information on your specific situation).   
  • All CollegeBound accounts have an online gifting feature that makes it easy for family members to contribute to the account.   
  • You can change the beneficiary of your account at any time to a member of the former beneficiary’s family.  

To learn more and to set up an account, visit CollegeBoundSaver.com/get100.